The global economy is slowly picking up steam, led by advanced economies appearing to turn the corner after five years of financial crises and recession and a continued good performance by China, the World Bank said.
However, it said that growth prospects remain vulnerable to rising interest rates and potential volatility in capital flows as the US Federal Reserve eases up on the extraordinary stimulus it has been providing to the US economy, the world's largest.
The bank's twice-yearly Global Economics Prospects report says global growth is expected to firm from 2.4 per cent in 2013 to 3.2 per cent this year and 3.4 per cent in 2015.
The report said the momentum that countries such as the United States and Japan are building up should support stronger growth in the developing countries.
Presenting the findings, Kaushik Basu, the bank's chief economist, said the outlook for the global economy is uneventful.
"It's a strange world we live in that news that an uneventful economy ahead of us is meant to be good news," Basu said at a news conference .